2012-08-24

Bank run in Vietnam

Nguyen Duc Kien's arrest in Vietnam prompts ACB fears
Depositors in Vietnam have withdrawn hundreds of millions of dollars from one of the country's largest banks after the arrest of one of its founders.

Nguyen Duc Kien, one of Vietnam's richest businessmen, was arrested in Hanoi on Monday on suspicion of "economic violations".

Second tycoon arrested amid bank run in Vietnam
Vietnam arrested another top banker Thursday, state media said, widening a police probe into the communist country's banking sector which has rattled markets and triggered a run on deposits.

The arrest of Ly Xuan Hai for "deliberate wrongdoing causing serious consequences" came just hours after the Asia Commercial Bank announced he had resigned from the position of director general, Thanh Nien online reported.

Market Vectors Vietnam (VNM) fell 10% in the past three trading days, but the Vietnamese stock market is rebounding today.

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